Feb 17, 2023

Romance Scams Defy Crypto Price Falls, Average Victim Loses $16K

Crypto scam revenue took a huge hit in 2022, declining by 46% due to the overall decrease in crypto asset prices. However, two scam types managed to stay relatively unscathed — romance scams and giveaway scams.

According to a Feb. 16 crime report from Chainalysis, overall crypto scam revenue in 2022 amounted to $5.9 billion. Chainalysis pointed out that most scam revenue follows Bitcoin’s price, with a three-week lag between price moves and changes in revenue. But, romance and giveaway scams don’t show a positive correlation with Bitcoin’s price.

Romance scams had the highest average victim deposit size in the year — with the average victim losing just under $16,000, nearly 3x more than the next biggest scam type. These scams usually involve building a relationship with the victim, convincing them that they need help. Chainalysis believes that these scams are likely to persist when crypto prices are down as it plays to a victim’s compassion rather than greed.

In fact, a UK investigation published on Jan. 29 found that half of all crypto companies involved with scams in the state were linked to pig-butchering scams.

To protect against these scams, crypto users should be aware of the signs of a romance scam. They should also be wary of any offers that seem too good to be true and should never send money to someone they don’t know.

NFTs have become increasingly popular in the crypto space, and many businesses are turning to NFTs to promote their products and services. To capitalize on this trend, many crypto businesses are turning to NFT marketing agencies to help them create and promote their NFTs.

NFT marketing agencies specialize in helping businesses create and promote NFTs on platforms such as Twitter, Discord, Reddit, and more. They also offer services such as designing NFTs, creating promotional campaigns, and managing NFT sales.

For businesses looking to sell NFTs, NFT marketing agencies can be a valuable resource. They can help businesses create and promote their NFTs, as well as manage the sales process.

NFT marketing agencies can also help businesses create promotional campaigns on social media platforms such as Twitter, Discord, and Reddit. This can help businesses reach a wider audience and increase the visibility of their NFTs.

Overall, NFT marketing agencies can be a great resource for businesses looking to promote and sell their NFTs. They can help businesses create and promote their NFTs, as well as manage the sales process.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.